RuleTopia Wrote:
May 03, 2012 4:04 AM
So high levels of spending in World War II got us out of debt? It didn't work from 1929 to 1942. But double down on the lunacy because of the necessities of War and that will do it? How did it work out for the Soviet Union? Maybe what happened is that after the war, Americans just wanted to get jobs, get married, buy houses, and have families, and forget the deprivations of the last 16 years. Let's not forget that the same Keynesian were arguing at the end of World War II for a continuation of government spending, which had reach 44 percent of GDP during the war. Instead, Truman cut spending to 12 percent of GDP by 1947 and America had a boom economy until Johnson's Great Society. Maybe these Yale nitwits need to study history.